What Would You Do If You Lost Your Job?

This piece on having a career back-up plan made me wonder what I'd do if I lost my job. I'd have to think it over a bit, but here's what I think I'd do:

• I'd first ask my employer for any creative solutions to the issue -- such as me working as a consultant. It could help them lower costs (if that was their issue).


• If that didn't work, I'd take a day or two and relax -- to clear my head. Any longer than that and I'd start to go crazy.


• I'd begin contacting my network. I'd go through my address book, post it on the blog, ask for help via Facebook, and tweet my need.


• I'd join LinkedIn (I know, I know, I need to do this now anyway) and start networking.


• On the income front, I'd start putting more time into side opportunities that could bring in a little cash.

There would probably be several more steps to take (plus follow-up with network contacts), but these are the main ones.

So, what would you do if you lost your job?

Comments

[Everyday Tips]

We don't count on my job for income right now anyway, I am just doing it to help out a project, so it wouldn't be a big deal if I lost my job. I would probably focus on blogging more and try to generate more income that way.

If my husband lost his job, it would be devastating. He is already a part of LinkedIn and many professional organizations, so he is very good at networking. I think he would go in to business for himself, which is what he always has in the back of his mind anyway.

[Jonathan]

Well, fortunately if I lost my job, we could live on my wife's income alone with only moderate cutbacks (even though I make significantly more than she does). I would follow many of the same steps as FMF regarding starting a new job search. I would also explore other side opportunities (such as making more mobile apps or seeing if I could write custom software for a friend's business). I would also explore additional ways to make side income (perhaps through property management or additional personal investments). I'd try to think of a good industry I could start my own company in.

[John]

I would start crying until I have no more tears. Then I will start praying like I have never done before. Kiddding aside, living paycheck to paycheck is very sad and is now how millions of people currently live.

[Lurker Carl]

Nothing, we've lived off my wife's income for almost 20 years while mine goes into savings. We have lived well beneath our means for our entire lives. I'm old enough and we're financially ready for me to retire immediately. If she loses her job as well, we'd cut out some luxuries but could easily survive on my retirement income alone.

[billyjobob]

I'd say....I'm retired. Lets have fun!

[Matt]

Wow. I will be the third to say live off my wifes income which we have for 95% of our bills. Cut back some on spending and alike.

I probably would have to start a business of my own. Do the things you listed above. There would be too many of us looking for similar employment. Independent contractor or consultant. But then again if the were to get to me on the lay off list the company would be in dire straits or we are in a global depression.

[JM]

You aren't on LinkedIn, FMF?! Out of all the people, I thought you would be, Mr. Networking! ;)

Thankfully if either one of us got laid off, we can do ok on just one of our incomes.

[JimL]

Not a problem for me. I would collect a very nice severance package and I have a list of people that have already offered me jobs if I ever become available. Beyond that, I have a significant amount of savings.

[SB @ One Cent At A Time]

monster.com would be place I would be in for next couple of weeks. Once I secure next job, I will ask for a 10 days or so time. Will use that time to relax and rejuvenate.

[Old Limey]

The sad Headline today in the San Jose Mercury was "Solyndra's swift shutdown".
Once named by MIT as one of the world's most innovative companies, Solyndra was once thought to be the rising star in our Green Energy program with its innovative design for solar panels. President Obama made a high profile visit to the company in May 1910 when the government awarded it a $535M federal loan guarantee in addition to more than the $1B it received in venture capital. $527M of the loan guarantee has already been used

Today Solyndra filed for bankruptcy and laid off all 1,100 of its workers without layoff packages - they get nothing. Solyndra was the 3rd. solar panel company to file for bankruptcy in August.

Why? -- The cost of solar panels has dropped by more than 2/3 in the past 5 years because of lower costs and heavy subsidies in China. The prices are now at a point where American companies can no longer make money on solar panels.

It's so sad that our politicians signed Free Trade agreements that allowed emerging markets with extremely low labor rates to export their products to the USA with impunity. What were they thinking? They signed the death warrants for a host of industries. No wonder the rallying cry from the politicians now is Jobs!, Jobs!, Jobs! but it's a bit late for the employees of Solyndra and many others like them.

Here in Silicon Valley we still design a lot of wonderful innovative products that keep a lot of highly educated engineers and scientists working but we no longer make the products ourselves. I remember when we did make things and when I look at many of the tools and other things I own I am old enough to see that proud stamp that says, "Made in the USA".

[Elle]

Before we were married my husband and I decided we would keep all of our necessary expenses within one income and our savings, debt reduction fund, and vacations would come from the second.

That would give us a bit of breathing room to explore options should one of us lose their job. I would start networking to get some freelance work. I had done that before when I resigned from an office job that wasn't working out.

[JP]

Just go get a new one. There are plenty of recruiters that email/call me daily. I'm sure I could have an offer within a month max.

[Mike Hunt]

Old Limey,

I read the article about Solyndra- it should have been called Obama's folly, because several hundred million dollars of taxpayer money was given to create a few hundred jobs at the company, and then they went out of business 18 months later...

I think the laws are definitely against creating jobs in the USA, I'd love to come back to the USA in a heartbeat, even for a slight pay cut, but it seems the chances of that are quite slim for the near future.

-Mike

[Mike Hunt]

I meant to call it Obama's folly because the PUSA referenced this company as a key example of American ingenuity in a speech. In all fairness, they looked pretty solid at the time of the speech...

[Cold]

A friend of mine worked at Solyndra. No severance package due to the bankruptcy.